Management Audit
A management audit can be defined as an audit which analyzes the effectiveness of the management team of a company. The purpose of this is seven-fold:
1. understand current practices
2. relate these to company financials
3. suggest new procedures which will improve the efficiency of managers
4. present a financial gain related to these new procedures
5. create benchmarks and projections for the future.
6. A management audit letter is the final piece of material shared with the client; it is a report of the findings.
7. The management audit process can be explained by the auditing of both the management method as a whole as well as key management staff. This is important to establish the effectiveness of both the leaders of the department as well as how it performs as a team. In this way, it can fill the purpose of a staff audit or performance audit, depending on the scope of the company.
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